The global energy transition towards a net-zero future is facing significant challenges, as highlighted by the International Energy Agency’s (IEA) recommendation to halt the development of new oil and gas fields. While some countries have committed to this path, a substantial number of nations are moving in the opposite direction, defying the call for urgent action. This article examines the top ten countries currently developing the most oil and gas fields, shedding light on the substantial gap between their actions and the net-zero pathway envisioned by the IEA.
1. Russia: Leading the Expansion (25 fields containing 20.5bboe)
Russia, renowned for its vast reserves of gas and oil, tops the list with an ambitious plan for 25 new oil and gas projects. With a heavy reliance on fossil fuel exports, Russia’s energy security concerns have driven its aggressive expansion plans despite global calls for decarbonization.
2. Brazil: Unexpected Entrant (18 fields containing 8.7bboe)
Brazil, not typically associated with being a “petrostate,” surprises as the world’s ninth-largest oil producer. Under both right-wing President Jair Bolsonaro and current left-wing President Luiz Inácio Lula da Silva, Brazil remains committed to offshore oil extraction, emphasizing economic gains and downplaying environmental concerns.
3. Norway: Wealth, Sovereign Funds, and Exploration (14 fields containing 22bboe)
As Europe’s largest oil and gas producer, Norway stands out despite being one of the world’s wealthiest nations. Despite possessing vast sovereign wealth funds, Norway continues to issue exploration licenses and plans to develop oil fields, even venturing into the Arctic Circle’s sensitive Barents Sea.
4. United States: Balancing Climate Goals and Production (13 fields containing 2.9bboe)
The United States, the world’s largest oil and gas consumer, has experienced a shale gas revolution and surpassed Saudi Arabia and Russia as a major producer. President Joe Biden’s administration, despite promising climate-friendly policies, continues to issue licenses for oil and gas exploration, sparking criticism from climate activists.
5. India: Domestic Consumption and Import Dependency (11 fields containing 0.4bboe)
India’s development of 11 fields reflects its status as the world’s second-largest oil importer. Rapid economic growth has fueled energy demand, resulting in a focus on offshore extraction. However, India has also set ambitious renewable energy targets, highlighting a complex balancing act between fossil fuel usage and clean energy ambitions.
6. United Kingdom: Declining Basin, Rising Concerns (9 fields containing 0.4bboe)
The United Kingdom, with a declining North Sea oil and gas basin, faces scrutiny for its continued pursuit of extraction. Despite a relatively low economic dependency on the sector, the UK government justifies its approach by emphasizing “energy security” in the aftermath of Russia’s invasion of Ukraine.
7. Canada: Controversial Projects Amid Environmental Concerns
Canada, a major player in the oil and gas industry, faces challenges due to environmental concerns. Projects like the Trans Mountain Pipeline expansion and oil sands development in Alberta have sparked debates over indigenous rights, climate impacts, and the country’s commitment to reducing emissions.
8. Australia: Resource-Rich Nation and Carbon Dilemma
Australia, abundant in natural resources, continues to rely on fossil fuels, particularly coal and natural gas. However, with increasing global pressure to address climate change, the nation faces a dilemma in balancing its economic prosperity with transitioning to cleaner energy sources.
9. Mexico: Striving for Energy Self-Sufficiency
Mexico’s state oil company, PEMEX, plays a vital role in the country’s economy. Despite growing concerns
